Home/Finance/ Tesla to raise prices, backtracks on closing most stores

Tesla to raise prices, backtracks on closing most stores

Raquel Nash |Monday, March 11, 2019

Tesla will raise prices and backtrack on closing most of its stores

Tesla just took to its official blog to announce that it would not be closing as many stores as it had initially planned and would be raising prices 3% on select configurations of the Model 3, S, and X, effective March 18th.

'Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have made a decision to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months, ' Tesla's statement clarified.

Tesla will raise the price of its vehicles after going back on a recent decision to close most of its stores.

In statement, the company said that 10 percent of sales locations were closed in areas where they didn't invite the natural foot traffic they were designed for.

Potential Tesla auto buyers will have a week to place orders before prices rise for the Model S and X, the company said Monday.

The carmaker said potential buyers can place orders until March 18 at the old prices. A few stores in high visibility locations will be reopened with smaller crews.

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Tesla's strategic swerving may have something to do with the fact that it has $1.2 billion worth of lease obligations on which it needs to make good over the coming four years, no matter how many stores it might want to close at will. In a turnabout from the decision that caught staff and investors off guard, the company has since chose to keep "significantly" more stores open, it said on its blog. There will be no price increase to the $35,000 Model 3.

As part of the plan, customers will instead have to buy Tesla vehicles online or by phone rather than in person at one of its hundreds of retail outlets. The lawsuit which has been filed in Delaware Chancery Court raises issues about Musk and Tesla directors "breaching their duties to investor", says Bloomberg.

The move made no sense to begin with because Tesla had spent millions fighting in courts and state legislatures trying to change laws that prevented companies from selling vehicles at their own stores, Ramsey said. It also confirmed that to afford selling the new model at this price it would need to close most of its brick and mortar stores over the next few months.

Tesla was down 0.54%, trading near $282.60 a share early Monday, after the company hit the brakes on its plan to shutter its retail stores.

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